The volume-based strategy is quite common in trading. Competent interpretation of indicators can tell trader a lot about what is happening now in the market, and how the forces are distributed between buyers and sellers. Analyzing market volumes, people can make a decisions and predict how market will act. But that's about stock markets, not about forex. Within the forex market, it makes no sense to apply this type of data at all for a number of reasons. The first reason is lack of data. The Forex market is decentralized, respectively, we can not obtain data on the real situation. That is, we're not given information about how much money was invested by market participants in assets. Instead, there is a tick volume in the forex market, which reflects the quantitative index of price movement for a certain period of time and it is reasonable to use it. There are even tick volume indicators.
I'd consider real aggregated volume, not tick nonsense. Also most of indicators are just lagging bs, which won't help to trade in a moment and understand what's going on before big sharks already done with their big deeds.))
I'm a fan of Chaikin Money Flow (CMF). The idea behind CMF indicator lies in combining price and volume in order to view the flow of the money (in or out of the market) during a chosen period. A way to examine the indicator is to look at the intensity of the Chaikin Money Flow readings.
Higher readings indicate stronger pressure. For example, CMF readings above 0.10 would be significant enough to guarantee a bullish signal. While readings above 0.25 would be an indication of a really strong buying pressure